News & Analysis as of

Relief Measures New Guidance Internal Revenue Service

Bricker Graydon LLP

Final Warning: Distributions to Beneficiaries Must Begin in 2025

Bricker Graydon LLP on

The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Places Moratorium on New Employee Retention Tax Credit Processing

On September 14, 2023, the Internal Revenue Service (IRS) released Employee Retention Credit (ERC) guidance placing a moratorium on processing new ERC claims due to a surge in questionable claim submissions. Claims already...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Catching Up With the Times - IRS Issues Guidance Delaying Required Roth Catch-up Contributions

To the relief of plan sponsors everywhere, the Internal Revenue Service (IRS) recently issued Notice 2023-62, which provides guidance on the requirements of Section 603 of the SECURE Act 2.0 of 2022 relating to catch-up...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

COVID-19 Relief for High Deductible Health Plans Expires in 2024

Employers’ high deductible health plans (HDHPs) can continue to cover COVID-19 testing and treatment without violating the eligibility rules for health savings accounts (HSAs)—but only through 2024—under new Internal Revenue...more

Williams Mullen

IRS Issues New Guidance To Clarify and Provide Simplified Procedures for Resolving Certain Issues Related to S Corporation...

Williams Mullen on

The IRS recently issued Revenue Procedure 2022-19 (“Rev. Proc. 2022-19” or “the Revenue Procedure”), offering taxpayers clarification and new simplified procedures for resolving certain issues related to S corporation...more

Eversheds Sutherland (US) LLP

The IRS CARES: Deadline extension for retirement plan amendments

​​​​​​​The IRS has extended the deadline for plan sponsors of qualified retirement plans and IRAs to make amendments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and...more

Obermayer Rebmann Maxwell & Hippel LLP

IRS Helps Taxpayers Avoid Tax Penalties Caused by Retroactive Termination Of Employee Retention Credit

The Employee Retention Credit (the “ERC”) was created by the CARES Act to encourage businesses to retain employees on their payroll by providing a refundable tax credit equal to 50% of qualified wages. This credit was...more

Laner Muchin, Ltd.

IRS Clarifies Taxation for Dependent Care Programs for 2021 and 2022

Laner Muchin, Ltd. on

The IRS recently issued Notice 2021-26, which provides guidance related to certain pandemic relief provisions including carry-overs and extended grace periods which impact dependent care assistance programs (DCAPs) provided...more

Laner Muchin, Ltd.

New IRS Guidance Offers Employers Direction regarding COBRA Subsidy Obligations

Laner Muchin, Ltd. on

As we previously reported, the recently enacted American Rescue Plan Act of 2021 (ARPA) includes a six-month COBRA premium subsidy whereby the federal government subsidizes 100% of the COBRA premium during the period of April...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The New IRS COBRA Subsidy Guidance: Key Takeaways for Employers

The American Rescue Plan Act of 2021 (ARPA) implemented a 100 percent COBRA subsidy for certain qualified beneficiaries beginning on April 1, 2021, and ending September 30, 2021. On May 18, 2021, more than a month into the...more

Perkins Coie

SBA Serves Up Guidance for Restaurant Revitalization Fund Grants

Perkins Coie on

More than a year into the COVID-19 pandemic, the first form of federal relief prepared specifically for restaurants is likely to be delivered soon. Many restaurants have benefited from Paycheck Protection Program (PPP) loans,...more

Parker Poe Adams & Bernstein LLP

U.S. Labor Department Answers Some - But Not All - Key Questions About New COBRA Subsidies

As previously reported in EmployNews, the American Rescue Plan Act provides “assistance eligible individuals” with the option to receive fully-subsidized COBRA coverage from April 1, 2021 through September 30, 2021....more

Eversheds Sutherland (US) LLP

Made to order: IRS serves up much needed guidance for taxpayers seeking to utilize Congress’ two-year expansion of the 100%...

On Thursday, April 8, the IRS served up Notice 2021-25 (the Notice) providing guidance for taxpayers seeking to take advantage of the temporary 100-percent deduction for the cost of business meals, which was enacted by...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

COBRA Subsidy: What We Know Now After Initial DOL Guidance

Less than a month after the American Rescue Plan Act of 2021 (ARPA) was signed into law, new U.S. Department of Labor (DOL) guidance and model forms are clearing up a number of employer concerns about the 100 percent COBRA...more

Holland & Hart - The Benefits Dial

Whoomp There It Is…The IRS Issues Further Flexible Spending Account Relief under Notice 2021-15

Earlier this year, Bret Busacker explained the FSA relief enacted as part of the Consolidated Appropriations Act, 2021 (CAA) in a blog post titled “Bridge Over Troubled Water: 2021 Flexible Spending Account Relief in the...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - DOL’s Guidance on Continued COVID-19 Timeframe Relief

Williams Mullen on

On the latest episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recently issued Department of Labor guidance on continued COVID-19 relief for certain employee benefit plan notice and election...more

Bradley Arant Boult Cummings LLP

ADOR Affirms Deductibility of PPP Loan-Related Expenses but Unanswered Conformity Questions Remain

The Alabama Department of Revenue issued helpful guidance on January 7, following its December 18, 2020 guidance implementing Governor Ivey’s landmark Supplemental Emergency Proclamation. The new guidance affirms the...more

Buchalter

Buchalter COVID-19 Client Alert: Expansive New National COVID-19 Related Residential Eviction Moratorium Order Issued by the CDC

Buchalter on

The Centers for Disease Control and Prevention has issued an order titled “Temporary Halt in Residential Evictions To Prevent the Further Spread of COVID-19” (“Order”) forbidding evictions of residential tenants who do not...more

McAfee & Taft

New IRS Guidance on Suspension of RMDs

McAfee & Taft on

And just as we thought that the new coronavirus guidance was beginning to slow down, the IRS proved us wrong. On June 23, 2020, the IRS issued new guidance on the waiver of required minimum distributions (“RMDs”) from...more

Woods Rogers

COVID-19 and the CARES Act – New IRS Guidance and Relief for Retirement Plan Distributions and Loans

Woods Rogers on

On June 19 and 23, 2020, the IRS issued additional guidance (IRS Notices 2020-50 and 2020-51) clarifying and expanding relief for retirement plan participants under the Coronavirus Aid, Relief and Economic Security Act (CARES...more

Eversheds Sutherland (US) LLP

IRS issues guidance on retirement plan CARES Act distributions and loans

On June 19, 2020, the Internal Revenue Service provided additional guidance for plan sponsors implementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan relief. Notice 2020-50 expands the...more

Lathrop GPM

Latest IRS Guidance on CARES Act Retirement Plan Provisions

Lathrop GPM on

On May 4, 2020, the IRS published “Coronavirus-Related Relief for Retirement Plans and IRAs Questions and Answers,” providing interpretive guidance for plan administrators, employers, and plan participants on the retirement...more

Moritt Hock & Hamroff LLP

IRS People First Initiative Provides Relief To Taxpayers Facing COVID-19 Issues

Due to COVID-19 the IRS’ People First Initiative provides relief to taxpayers on a variety of issues from easing payment guidelines to delaying compliance actions. This relief is effective through the filing and payment...more

Proskauer - Employee Benefits & Executive...

New IRS Guidance Answers Pressing CARES Act Questions for Retirement Plans

On May 4th, the IRS released a set of FAQs focused on the special coronavirus-related distribution (“CRD”) and plan loan options under the CARES Act...more

Laner Muchin, Ltd.

New Federal Guidance Extends Many Employee Benefit-Related Deadlines and Provides Additional Relief for Plan Administrators

Laner Muchin, Ltd. on

Pursuant to authority granted under the CARES Act, the Department of Labor (DOL) and the Internal Revenue Service (IRS) issued joint guidance on April 28, 2020, extending a number of election periods and deadlines prescribed...more

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